The Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) signed a memorandum of understanding (MoU) with Dragon Oil on using advanced artificial intelligence (AI) applications in the management of petroleum reservoirs in the company’s concession areas in the Gulf of Suez, which contributes to improving production efficiency and sustainability.

The MoU signing took place at the conclusion of ADIPEC 2024 conference & Exhibition in Abu Dhabi, in presence of Karim Badawi, Minister of Petroleum and Mineral Resources, and Ali Rashid Al-Jarwan, Managing Director of Exploration & Production and CEO of Dragon Oil.

The MOU was signed by Moataz Atef, Undersecretary of the Ministry for the Technical Office and the official spokesperson of the Ministry, and Fareed Al Hashmi, CEO of Dragon Oil Egypt and Iraq.

Badawi stated that signing the MoU with Dragon Oil represents an important step within the framework of the practical implementation of the ministry’s work program, which aims to maximize the benefit from modern capabilities of digital transformation and AI in the operations of the oil and gas sector.

The minister further highlighted importance of developing the process of managing oil tanks in production fields using the latest technologies due to their pivotal role in the success of the production increase strategies that the ministry is working on in cooperation with investment partners.

Badawi also held a meeting with the CEO of Dragon Oil, where they reviewed the ways of cooperation for increasing oil and gas production rates. The minister praised the company’s initiatives for bolstering investment in advanced technology of fields development in the Gulf of Suez region.